1.2 Explain the meaning of the coefficients (including the constant) in the following two senses:
What do the coefficients mean mathematically? Use the estimated values in your answer.
What are some economic reasons why the coefficients might take on the values that they do?
1.3 You can use your estimated coefficients to form a linear function predicting the probability of a disability for either sex at any age. Solve this equation to find the age at which the predicted probability of a disability for a female is equal to 0. Remember that for a female, the variable male = 0. For what age range is the predicted probability of a disability < 0 for a female? (5 + 5 = 10 marks)
1.4 Solve this same equation to find the age at which the predicted probability of a disability for a female = 1. For what age range is the predicted probability of a disability >1 for a female? (5 + 5 = 10 marks)
1.5 Briefly explain what both of these findings tell you about the problem of estimating a linear regression when the dependent variable is a binary variable (either 1 or 0). (10 marks)
2.2 Explain the meaning of the coefficients (including the constant) in the following two senses:
What do the coefficients mean mathematically? Use the estimated values in your answer. (15 marks)
What are some economic reasons why the coefficients take on the values that they do? (15 marks)
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